Bank robbers have gone high tech. Unfortunately, neither the banks nor the regulators are ready to deal with them. Our laws are also so behind the high tech criminals. In the case last week, the good news is that BDO Unibank has committed to reimburse the losses of close to 700 clients affected by the unauthorized electronic fund transfers that resulted in losses of between P25,000 to P50,000 for each affected depositor. Nevertheless, the Bangko Sentral ng Pilipinas (BSP) created a task force composed of cyber and anti-money laundering experts to investigate the matter and submit recommendatio…

Read More